In banking and money services, some things cannot be handled via the usual support channels. In these cases, it’s often more effective to have your lawyer contact their legal department.
Flaming them publicly before doing that is a) cathartic, b) cheaper than the lawyer and might get them to address the issue, c) the right thing to do because it creates an incentive for companies to act right without the customer needing to hire a lawyer.
Of course, if they don't react to that, then is the time to contact a lawyer.
Sometimes it works, sometimes it backfires. Some companies will refuse to do business with you if you stir the pot. You might get your money back, but you'll have severed the relationship, and that can be a worse outcome for the long-term health of your business.
I'm sure you're right in some countries. In countries with a working small claims system, you should be able to do that without a lawyer in simple enough cases. In some other countries, you might be out more than $500 temporarily but in the end the company pays the lawyer and all other costs.
Often, once it reaches the escalation point where their legal department and not their customer-service-denial department is handling the case, they'll cut a check.
If you are talking about shaming: Your shaming might not have the same reach, but you can still leave negative reviews and tell your friends. I have a policy that if a company pisses me off or wastes my time, I will spend at least the equivalent amount of time leaving negative reviews or telling people about my experience, for reasons a) and c).
Of course, if they don't react to that, then is the time to contact a lawyer.